Aviva LifeShield Advantage Plan

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Aviva LifeShield Advantage plan ensures prosperity to the customers and well-being for their loved ones. This policy offers a comprehensive coverage at a nominal premium rate and provides the option to the customers to choose a suitable insurance coverage, policy premium term, and premium payment frequency according to their needs. Policyholders also have an additional advantage of choosing enhanced protection against disabilities caused by accidents.

Aviva LifeShield Advantage - Key Features

  • Low premium rates are available.
  • Two options for life coverage are available for policyholders depending on their choice of coverage.
  • No limit on the maximum sum assured in case of Option A i.e. life protection, so the insured can go for a high level of a cover according to their suitability.
  • The policy offers 100% sum assured as a lump sum on death of the policyholder in case of life protection. For life cum disability protection, the policy offers 100% sum assured plus the return of premiums.
  • There is an option of coverage for total permanent disability caused by accidents.
  • The policy offers a single premium payment option or regular payment option over the policy term, as per the convenience of the policyholder.

Aviva LifeShield Advantage - Benefits

  • The policy offers a high level of insurance cover at nominal rates.
  • The policy offers additional protection against Accidental Total Permanent Disability.
  • The tenure of the policy ranges from long-term i.e. 30 years to medium i.e. 10 years. So, that the insured person can plan their savings and finances accordingly. 
  • Policyholders have the flexibility to choose a single premium payment or regular payment option for a long-term period.
  • If the policyholder survives until the maturity of the policy then he/she receives the return of all premiums paid as Maturity Benefit.
  • The insured can choose from two options available as a death benefit in order to secure their loved ones. They are as follows:-

Option A provides life protection coverage. In which case the nominee will receive the sum assured, on the death of the life insured.

Option B is a life-cum-disability protection and return of premium. If the policyholder loses his life or suffers from a permanent total disability caused by an accident that meets the criteria mentioned by the policy, whichever is earlier, the Sum Assured plus all the premiums paid until death will be given to the nominee.

  • The larger sum assured amounts provides discounts.
  • The insured can avail tax benefits on death benefit and premium paid under section 80(C) and 10(10D) of Income Tax Act.

Aviva LifeShield Advantage - Product Specification:

 

Minimum

Maximum

Entry Age of the Life Assured(Last Birthday)

18 years

55 years

Maturity Age (Last Birthday) of the Life Assured

28 years

65 years

Policy Term (PT) in years

10 years

30 years

Premium Paying Term (PPT) in years

 Single Premium

Regular

Premium Paying Frequency

Single Premium, Yearly, Half-yearly, Quarterly, Monthly

Annual Premium

Rs. 12000 for Single Premium

Rs. 2400 for Regular

No limit

Sum Assured

Rs. 2 lakhs

Option A: No limit

Option B: Rs. 50 lakhs

 

Details About Premium

Aviva LifeShield Advantage - Option A

Age

Policy Term

Premium Payment Term

Annual Premium

Sum Assured

20 years

30 years

Single Premium

Rs. 520000

Rs. 20000000

40 years

25 years

Single Premium

Rs. 36575000

Rs. 550000000

50 years

15 years

15 years

Rs. 3176000

Rs.200000000

Aviva LifeShield Advantage - Option B

Age

Policy Term

Premium Payment Term

Annual Premium

Sum Assured

25 years

30 years

30 years

Rs. 17600

Rs. 5000000

50 years

15 years

15 years

Rs. 39900

Rs. 2000000

 

Aviva LifeShield Advantage - Policy Details

Grace period: A 30 days grace period is offered to the insured during which he/she can duly pay all the unpaid premiums. In case, due to any reason the insured is not able to pay within the grace period, the policy will lapse.

Policy Termination or Surrender Benefit: For Single Premium policies, applicable under Option A, the policy can be surrendered after the first policy year. For Regular Premium policies, the policy acquires Surrender Value only after payment of premiums for the first three policy years. The policy is terminated, if it is not restored within the revival period. Besides, once the insurer pays off the death and maturity benefit, the policy period comes to termination. 

Free Look Period: The policy provides a free look period of 15 days from the date of policy issued during which the insured can cancel the policy if he/she is not satisfied with the coverage, terms and conditions of the policy. On cancellation of the policy, the policyholder is provided with a policy premium minus a proportionate premium for risk borne by the company. 

Additional Features or Riders

  • A lapsed policy can be revived if the policyholder submits a request for restoration within 2 years of timeframe from the date of first unpaid premium. In order to reinstate the policy, the insured will have to duly payoff all the premiums along with interest.
  • The policy acquires Paid-up Value if the premiums are not paid after three policy years.

Exclusions

  • The term of the life insurance plan is nullified if the person insured commits suicide within a year from the initials of policy cover. In such cases, only 80% of the premium paid, excluding any payment for taxes and extra premium is refunded. A higher of 80% of the premium is paid or surrender value is refunded to the beneficiary if the insured commits suicide within one year of policy reinstated.
  • The Permanent Total Disability benefit is not payable if the disability has been caused directly or indirectly due to drug abuse or alcohol, failure to follow medical advice, engaging in any kind of dangerous racing, etc. 

Documents Required

To process your application form, you have to submit an identity proof, bank account details and the address proof along with a recent photograph. In some of the cases, a medical examination and income proof may also be required.

You may also like to read: Aviva Life Term Insurance Plans

Frequently Asked Questions 

1.    How can renew your policy online?

For the renewal of policy, the insured can log on to Aviva account and select the option of pay renewal premium now and can complete the process of renewal in a simple and hassle free way. 

2.    How to make a claim for your policy?

In order to file a claim, firstly the insured have to fill up a claim form and provide   every detail like policy holder name, policy number and client ID. Based on the claim made, an appropriate document needs to be submitted along with the attested photocopies. Once, these formalities are completed the beneficiary can submit it to the nearest branch office and can get the claim done.

3.    How many days of grace period is provided under the policy?

A 30 days grace period is provided under the policy.

4.    What is the minimum and maximum entry age of the policy?

The minimum entry age of the policy is 18 years and maximum entry age of the policy is 55 years.